This article is contributed by Yousaf Iqbal, Country Head of IQI Karachi Canada, who brings nearly 11 years of real estate expertise
In September 2024, Metro Vancouver experienced a slight decrease in home prices, along with a significant rise in property listings and a decline in sales compared to the previous year.
In contrast, the Greater Toronto Area saw an increase in sales, although average prices dipped slightly, and new listings grew even more.
Meanwhile, Quebec showed gains in both sales and new listings, reflecting varied market trends across Canada.
Toronto
Greater Toronto Area (GTA) REALTORS® reported 4,996 sales through the Toronto Regional Real Estate Board (TRREB) MLS® System in September 2024, up by 8.5% compared to September 2023.
New listings increased by an even greater 10.5% over the same period. The MLS® Home Price Index (HPI) Composite benchmark was down by 4.6% year-over-year.
The average selling price of $1,107,291 was down by 1% compared to the September 2023 result.
On a seasonally adjusted month-over-month basis, both the MLS® HPI Composite and the average selling price edged up slightly compared to August 2024.
Vancouver
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is
currently $1,179,700.
This represents a 1.8% decrease from September 2023 and a 1.4% decrease compared to August 2024.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,932, a
31.2% increase compared to September 2023 (11,382).
This is 24.2% above the 10-year seasonal average (12,027).
Greater Vancouver REALTORS® (GVR) report that residential sales in the region totaled 1,852 in September 2024, a 3.8% decrease from the 1,926 sales recorded in September 2023. This was 26% below the 10-year seasonal average (2,502).
Quebec
Uncover key insights into Canada’s September 2024 real estate trends. Find out what’s driving sales, prices, and listings—read the full update here!
Data extracted in September 2024